SCANDIUM INTERNATIONAL MINING ANNOUNCES TSX-V LISTING AND VOLUNTARY DELISTING FROM TSX
Rhea-AI Summary
Scandium International Mining Corp (TSX:SCY, OTCBB:SCYYF) has announced its planned transition from the Toronto Stock Exchange (TSX) to the TSX Venture Exchange (TSXV). The company has received conditional approval for the TSXV listing and will voluntarily delist from the TSX. The delisting from TSX is expected around January 31, 2025, with TSXV listing following on February 4, 2025.
The decision was based on several factors, including cost considerations, TSX listing requirements, current market capitalization, and financing options available to TSXV-listed companies. The company will maintain its 'SCY' trading symbol on TSXV and continue trading as 'SCYYF' on OTCQB. No shareholder action is required for this transition, and the company will remain a reporting issuer under Canadian securities laws.
Positive
- Lower listing costs through TSXV compared to TSX
- Access to more flexible financing options on TSXV
- Maintenance of dual-market presence (TSXV and OTCQB)
Negative
- Downgrade from senior TSX exchange to junior TSXV market
- Potential inability to meet TSX listing requirements
- Low market capitalization concerns
RENO, Nev., Jan. 17, 2025 (GLOBE NEWSWIRE) -- Scandium International Mining Corp. (TSX:SCY and OTCBB: SCYYF) (“Scandium International” or the “Company”), a company focused on the development of its Nyngan Scandium project in New South Wales, Australia, today announces that it has received conditional approval to list its common shares on the TSX Venture Exchange (the "TSXV"). In connection with the TSXV listing, the Company will voluntarily delist its common shares from the Toronto Stock Exchange (the "TSX").
The Company's management and Board of Directors have determined that this transition is in the best interests of Scandium International. In arriving at this determination, the Company considered, among other things, the costs associated with a TSX listing versus a TSXV listing, its ability to continue to meet the continued listing requirements of the TSX in the future, its current market capitalization, the rules related to private placements and other forms of financing available to TSXV-listed issuers and the general suitability of a TSX listing versus a TSXV listing for an issuer with the Company's current profile and focus on the development of a mineral property.
"This shift to the TSXV allows Scandium International to focus on development of our Nyngan Scandium project and further exploration potential of our Honeybugle license.” said CEO Peter Evensen.
The Company expects to delist its common shares from the TSX on or about January 31, 2025, and list its common shares on the TSXV on or about February 4, 2025. The Company will remain a "reporting issuer" under applicable Canadian securities laws through the listing transition process. The Company will retain the trading symbol "SCY" once listed on the TSXV, and its shares will continue to be quoted on the OTCQB under the symbol "SCYYF". Shareholder approval is not required under the policies of the TSX to proceed with the transition as the TSXV is an acceptable alternative market. No action is required by shareholders in connection with the transition of the Company's listing to the TSXV.
For inquiries to Scandium International Mining Corp, please contact:
Peter Evensen (CEO)
Tel: (775) 355-9500
Harry de Jonge (Comptroller)
Tel: (702) 703-0178
Email: ir@scandiummining.com
Cautionary Note Regarding Forward-Looking Information
This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "believe", "continue", "plans" or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, statements with respect to listing of the Company's common shares on the TSXV and delisting of the Company's common shares from the TSX, general future plans and objectives for the Company and the Nyngan Scandium Project, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information.
For more information on the Company and the key assumptions, risks and challenges with respect to the forward-looking information discussed herein, and about our business in general, investors should review the Company's most recently filed annual information form, and other continuous disclosure filings which are available at www.scandiummining.com Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
FAQ
When will SCYYF delist from TSX and list on TSXV?
Will SCYYF shareholders need to take any action for the exchange transition?
Will SCYYF keep the same trading symbols after moving to TSXV?
Why is SCYYF moving from TSX to TSXV?
